What is the purpose of a Cargo Shippers Agent Surety Bond?
These surety bonds are a Cargo Shippers Agent’s license requirement mandated by Division 1, Part 2, Chapter 5, Article 15.5 of the California Insurance Code, and enforced by the Insurance Commissioner of the State of California.
This bond will serve as an assurance to the Insurance Commissioner of the State of California that the cargo shipper agent will perform their professional duties in accordance with the conditions of their license. Duties include the cargo shipper’s agent to providing a report of all the insurance monies or premiums collected on behalf of a cargo owner or shipper.
How much are Cargo Shippers Agent Surety Bonds written for?
The penalty amount for a Cargo Shippers Agent Surety Bond will vary by state. The following are some of the more popular offerings from Pacific Surety:
Please contact your local authority for information about Cargo Shippers Agent Surety Bond requirements in your state.
How much does a Cargo Shippers Agent Surety Bond cost?
Pricing for Cargo Shippers Agent Surety Bonds will vary by state. An underwriter will review your application and your premium will be based on the following factors:
- The State Requiring the Bond
- Amount of the Bond
- Term Length of the Bond
- Personal Credit for All Owners With at Least a 10% Ownership Stake in the Business
Individuals with good credit can expect to pay between 1% and 5% of the bond amount. Qualified applicants could pay as little as $500 annually for a $50,000 Cargo Shippers Agent Surety Bond. To find out how much your Cargo Shippers Agent Surety Bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Cargo Shippers Agent Surety Bond with bad credit?
Pacific Surety offers a wide-range of approvals, regardless of credit, for Cargo Shippers Agent Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay between 10% and 20% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I get a Cargo Shippers Agent Surety bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7837 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.